President Obama's health-care reform law signed earlier this year is not working and will ultimately be dismantled, Sen. Bob Corker (R-Tenn.) told CNBC.

“There is not a thinking person in Washington that believes the health care bill that passed will work. Not one," Corker said in a live interview. "It’s not going to work. It’s going to be dismantled."

“It’s a Ponzi scheme," he added. “The financing for it absolutely will not work.”

Corker believes that Democrats will help work to dismantle the law, which he said was “very damaging to our country.”

The sweeping changes coming from the administration have created an "air of unpredictability," he said, and is having a "dampening" effect on the economy.

“I think we’ve had two years of an extreme move,” he said about the Obama administration. "This has been pretty unprecedented. We have people that now attack the institutions that make our country strong. This has been a pretty odd two years."